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SoftBank keeps faith in WeWork
Mint Mumbai
|November 08, 2023
Startup strikes $3 bn debt-for-equity swap deal with creditors in latest effort at revival by top shareholder
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WeWork's $3 billion debt-for-equity swap deal with its creditors marks the latest effort by top shareholder SoftBank to revive the troubled office space provider and recoup some of the billions it has invested.
Whether the bet succeeds now depends on WeWork renegotiating the costly long-term leases it signed during the boom years and is now unable to pay, forcing it to file for bankruptcy on Monday.
WeWork's long-term lease obligations of $13.3 billion accounted for more than 70% of its total debt as of end-June.
This story is from the November 08, 2023 edition of Mint Mumbai.
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